Russian Government finds another way to support Novatek

The Government is ready to help Novatek, which fell under sanctions, with not only money, but also in other ways. The Ministry of Natural Resources has agreed to prolong the licenses for several large fields of the company, as well as to postpone the launch of the multi-billion project Arctic LNG-2, which will allow the company to reallocate resources primarily for Yamal LNG.

On September 9th, the CEO and co-owner of Novatek Leonid Michelson sent a letter to the Prime Minister, Dmitry Medvedev with a request to support the company that has no access to the American capital markets because of the US sanctions. He notes that the company is implementing two major projects (the creation of LNG production on the Yamal Peninsula and the development of a new gas production center in Nadym-Pur-Taz), total investment in which will exceed $30 billion.